2. Social Security

Social Security is a big part of the life of any retiree, and it is also a benefit that keeps many people out of poverty. But before you start working in retirement, you need to know a few things about Social Security and the way it works.

If you’ve been collecting Social Security checks through your retirement, then you need to know that this will make you second-guess your decision to return to work. Whether you have reached full retirement age will have the most influence on how much Social Security you get.

If you are younger than 67 years old and receive Social Security benefits, be aware that you can only receive as much as $21,240 before your benefits will begin to be reduced. Your benefits will be reduced by $1 for every $2 you receive if you earn more than $21,240.

Keep in mind that once you have reached full retirement age, you will no longer face any penalty or income limit. If it happens that you’ve received more than the limit before turning 67, you will get all the withheld benefits after you reach full retirement age.